Allianz Backs 2019 Outlook After 2Q Net Profit Rose 13%
02 Agosto 2019 - 7:46AM
Dow Jones News
By Pietro Lombardi
Allianz SE's (ALV.XE) backed its guidance for the year after
second-quarter net profit rose, boosted by growing operating profit
and better non-operating results.
Net profit for the period rose 13% to 2.14 billion euros ($2.37
billion), the German insurer said Friday.
Revenue increased 6.1% on the year to EUR33.2 billion. Its three
main business segments supported the growth: Allianz's
property-and-casualty segment, its life-and health business and
asset-management operations posted higher revenue for the
quarter.
Operating profit grew 5.4% on year, with higher operating profit
in asset management, and life and health offsetting a decline in
property and casualty.
In the asset-management division, which includes U.S. fund
manager Pacific Investment Management Company, operating profit
rose 4.1% "mainly as a result of higher assets under management
driven revenues," it said.
The company's solvency II ratio, a key measure of balance-sheet
strength, was 213% in June compared with 218% in March
Allianz backed its target of an operating profit of between
EUR11 billion and EUR12 billion in 2019.
"Sustainable performance is the result of our rigorous strategy
execution that provides desired solutions for our customers," Chief
Executive Oliver Baete said.
"Our half-year results testify that Allianz is on track to
achieve its full-year targets."
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
August 02, 2019 01:31 ET (05:31 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Grafico Azioni Allianz (TG:ALV)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Allianz (TG:ALV)
Storico
Da Apr 2023 a Apr 2024